THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
25 February 2021
Hardide plc
("Hardide", the "Group" or the "Company")
Issue of Options
Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, announces that, following a meeting of the Company's Remuneration Committee, a total of 1,820,108 options to subscribe for new ordinary shares in the Company (the "Options") have been granted to directors and senior managers.
The Company has a long‑standing policy of granting share options with appropriate performance and tenure conditions as a core component of the Company's executive remuneration. The Remuneration Committee intend that the Options should retain and motivate the Group's senior management whilst at the same time setting challenging performance targets that are specifically aligned with the Group's strategic goals and shareholder interests. The terms of the Options are in line with the Company's previous issues as set out in its annual report.
The Options are exercisable at 31.0 pence per share (being the closing price on 24 February 2021, the business day prior to the grant today). All Options are subject to certain performance conditions set out below, can vest in part should only certain targets be met, and are subject to ongoing employment at the relevant vesting date.
A total of 1,530,108 Options have been issued to directors of the Company, as below:
| Director | Role | New Options issued | Consequent total holding of share options |
| Philip Kirkham | Chief Executive Officer | 741,600 | 1,983,200 |
| Yuri Zhuk | Technical Director | 338,508 | 689,516 |
| Simon Hallam | Finance Director | 300,000 | 600,000 |
| Robert Goddard | Chairman | 150,000 | 387,500 |
In addition, 290,000 Options have been issued to senior employees of the Group.
Vesting of the Options issued to Directors is subject to the following conditions: 40% vest on the date of the announcement of the Company's audited financial results for the year to 30 September 2022 subject to the achievement by the Company of a gross profit target of £3.5m and a further 40% on the achievement of a higher gross profit target of £4.2m for the following year, and the remainder will vest subject to the Company having achieved a share price of at least 75p for any continuous 28 day period before 31 March 2024. Options issued to employees relate only to the achievement of the same gross profit targets.
Following the award of the Options, the Company has 4,850,472 Options in issue, representing 8.0% of the Company's issued share capital (as enlarged by the exercise of these Options).
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Enquiries: | |
| Hardide plc Robert Goddard, Non-Executive Chairman Philip Kirkham, CEO Jackie Robinson, Communications Manager |
Tel: +44 (0) 1869 353 830 |
| IFC Advisory Graham Herring / Tim Metcalfe / Florence Chandler | Tel: +44 (0) 20 3934 6630 |
| finnCap - Nominated Adviser and Joint Broker Henrik Persson / Matthew Radley | Tel: +44 (0) 2072 200 500 |
|
Allenby Capital - Joint Broker Jeremy Porter / Tony Quirke |
Tel: +44 (0) 20 3328 5656 |
Notes to editors:
Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix coatings to a wide range of engineering components. Its patented technology is unique in combining in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospace industries.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Philip Kirkham | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | CEO | ||||
| b) | Initial notification/Amendment | Initial Notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Hardide plc | ||||
| b) | LEI | 213800HLAUIIFKMU5G89 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 4 pence each | ||||
| Identification code | GB00BJJPX768 | |||||
| b) | Nature of the transaction | Grant of Options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
As above | ||||
| e) | Date of the transaction | 25 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange (XLON) | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Yuri Zhuk | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Technical Director | ||||
| b) | Initial notification/Amendment | Initial Notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Hardide plc | ||||
| b) | LEI | 213800HLAUIIFKMU5G89 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 4 pence each | ||||
| Identification code | GB00BJJPX768 | |||||
| b) | Nature of the transaction | Grant of Options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
As above | ||||
| e) | Date of the transaction | 25 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange (XLON) | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Simon Hallam | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Finance Director | ||||
| b) | Initial notification/Amendment | Initial Notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Hardide plc | ||||
| b) | LEI | 213800HLAUIIFKMU5G89 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 4 pence each | ||||
| Identification code | GB00BJJPX768 | |||||
| b) | Nature of the transaction | Grant of Options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
As above | ||||
| e) | Date of the transaction | 25 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange (XLON) | ||||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Robert Goddard | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Chairman | ||||
| b) | Initial notification/Amendment | Initial Notification | ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Hardide plc | ||||
| b) | LEI | 213800HLAUIIFKMU5G89 | ||||
| 4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
| a) | Description of the Financial instrument, type of instrument | Options over ordinary shares of 4 pence each | ||||
| Identification code | GB00BJJPX768 | |||||
| b) | Nature of the transaction | Grant of Options | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
As above | ||||
| e) | Date of the transaction | 25 February 2021 | ||||
| f) | Place of the transaction | London Stock Exchange (XLON) | ||||
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